Singapore Dollar Drops To 4-day Low Against U.S. Dollar

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The Singapore dollar weakened against the U.S. dollar on Monday's Asian session, as country's non-oil exports shrank more than expected in February, led by sharp falls in shipments of pharmaceuticals and structures of ships and boats.

The report from the International Enterprise (IE) Singapore showed that non-oil domestic exports (NODX) contracted 30.6 percent year-on-year in February compared to forecasts for a 16 percent fall. This followed a 0.4 percent expansion in January.

The Singapore dollar that ended Friday's deals at 1.2478 against the greenback hit a 4-day low of 1.2520. On the downside, the Singapore dollar may seek 1.26 as next target level.

By RTT Staff Writer

News Source: RTT News